Economicshttp://events.berkeley.edu/index.php/calendar/sn/econ.html
Upcoming EventsSeminar 251, Labor Seminar: "Supply, Demand, Institutions, and Firms: A Theory of Sorting and the Wage Distribution", Aug 23http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118107&date=2018-08-23
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118107&date=2018-08-23Labor Lunch: "Flexible Work Arrangements and Precautionary Behavior: Theory and Experimental Evidence", Aug 24http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118124&date=2018-08-24
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118124&date=2018-08-24Seminar 208, Microeconomic Theory: "Integrating School Districts: Balance, Diversity, and Welfare", Aug 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119079&date=2018-08-27
Co-authored with Isa Hafalir and Fuhito Kojimahttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119079&date=2018-08-27Seminar 271, Development: "Heterogeneous Preschool Impact and Close Substitutes: Evidence from a Preschool Construction Program in Cambodia", Aug 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119310&date=2018-08-27
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119310&date=2018-08-27Seminar 217, Risk Management: Is motor insurance ratemaking going to change with telematics and semi-autonomous vehicles?, Aug 28http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118738&date=2018-08-28
Many automobile insurance companies offer the possibility to monitor driving habits and distance driven by means of telematics devices installed in the vehicles. This provides a novel source of data that can be analysed to calculate personalised tariffs. For instance, drivers who accumulate a lot of miles should be charged more for their insurance coverage than those who make little use of their car. However, it can also be argued that drivers with more miles have better driving skills than those who hardly use their vehicle, meaning that the price per mile should decrease with distance driven. The statistical analysis of a real data set by means of machine learning techniques shows the existence of a gaining experience effect for large values of distance travelled, so that longer driving should result in higher premium, but there should be a discount for drivers that accumulate longer distances over time due to the increased proportion of zero claims. We confirm that speed limit violations and driving in urban areas increase the expected number of accident claims. We discuss how telematics information can be used to design better insurance and to improve traffic safety. Predictive models provide benchmarks of the impact of semi-autonomous vehicles on insurance rates.<br />
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This talk will cover the award winning paper on semiautonomous vehicle insurance presented in the International Congress of Actuaries in Berlin, June, 2018, which is under revision in Accident Analysis and Prevention and it will also include the contents of a paper entitled “The use of telematics devices to improve automobile insurance rates”, accepted in Risk Analysis.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118738&date=2018-08-28Development Lunch: "Environmental Regulation and Firm Productivity in China: Estimates from a Regression Discontinuity Design", Aug 28http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119231&date=2018-08-28
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119231&date=2018-08-28Seminar 237, Going Negative at the Zero Lower Bound: The Effects of Negative Rates on Bank Profitability., Aug 28http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118400&date=2018-08-28
In the aftermath of the Great Recession several central banks started paying negative nominal interest rates on reserves in an expansionary attempt, but the effectiveness of this measure remains unclear. Negative rates can stimulate the economy by lowering the interest rates that commercial banks charge on loans, but they can also hurt bank profitability by squeezing deposit spreads. This paper studies the effects of negative rates in a new DSGE model where banks intermediate the transmission of monetary policy. In this context, if the central bank intends to fight a recession by setting negative rates it must take into account that doing so can hurt bank profitability, so the benefits of an interest rate cut might be smaller than usual. I use bank-level data to provide evidence for the mechanisms in the model and to estimate its main parameters. I find that monetary policy in negative territory is between 60% and 90% as effective (in welfare terms) as in positive territory, depending on the importance of bank equity for lending.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118400&date=2018-08-28Seminar 218, Psychology and Economics: Are We Over-Testing? Using Machine Learning to Understand Doctors’ Decisions, Aug 28http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118652&date=2018-08-28
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118652&date=2018-08-28Seminar 221, Industrial Organization: ​"The Effects of Mandatory Disclosure of Supermarket Prices", Aug 28http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118302&date=2018-08-28
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118302&date=2018-08-28Seminar 291, Departmental Seminar: "Does Diversity Matter for Health? Experimental Evidence from Oakland", Aug 29http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118539&date=2018-08-29
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118539&date=2018-08-29Econ 235, Financial Economics Seminar: "Formal Challenges in Designing Incentive Compatible Cryptocurrencies", Aug 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119189&date=2018-08-30
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119189&date=2018-08-30Oliver E. Williamson Seminar: "Sequential Bargaining in the Field: Evidence from Millions of Online Bargaining Interactions", Aug 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119058&date=2018-08-30
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119058&date=2018-08-30Seminar 251, Labor Seminar: "Managers and Productivity in the Public Sector", Aug 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118117&date=2018-08-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118117&date=2018-08-30Labor Lunch: "Minimum Wages and Racial Inequality", Aug 31http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118125&date=2018-08-31
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118125&date=2018-08-31Seminar 271, Development: No Seminar, Labor Day., Sep 3http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119481&date=2018-09-03
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119481&date=2018-09-03Seminar 208, Microeconomic Theory: Holiday (No Meeting), Sep 3http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119022&date=2018-09-03
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119022&date=2018-09-03Seminar 217, Risk Management: On Optimal Options Book Execution Strategies with Market Impact, Sep 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118739&date=2018-09-04
We consider the optimal execution of a book of options when market impact is a driver of the option price. We aim at minimizing the mean-variance risk criterion for a given market impact function. First, we develop a framework to justify the choice of our market impact function. Our model is inspired from Leland’s option replication with transaction costs where the market impact is directly part of the implied volatility function. The option price is then expressed through a Black– Scholes-like PDE with a modified implied volatility directly dependent on the market impact. We set up a stochastic control framework and solve an Hamilton–Jacobi–Bellman equation using finite differences methods. The expected cost problem suggests that the optimal execution strategy is characterized by a convex increasing trading speed, in contrast to the equity case where the optimal execution strategy results in a rather constant trading speed. However, in such mean valuation framework, the underlying spot price does not seem to affect the agent’s decision. By taking the agent risk aversion into account through a mean-variance approach, the strategy becomes more sensitive to the underlying price evolution, urging the agent to trade faster at the beginning of the strategy.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118739&date=2018-09-04Development Lunch: "Destructive Behavior, Judgment, and Economic Decision-making Under Thermal Stress", Sep 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119235&date=2018-09-04
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119235&date=2018-09-04Seminar 218, Psychology and Economics: More than a Penny's Worth: Left-Digit Bias and Firm Pricing, Sep 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118654&date=2018-09-04
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118654&date=2018-09-04Seminar 237, Monetary Policy, Financial Crises, and the Limits to Arbitrage, Sep 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118413&date=2018-09-04
With conventional monetary policy unable to stabilize the economy in the wake of the global financial crisis, central banks turned to unconventional tools. This paper embeds a model of the term structure of interest rates featuring market segmentation and limits to arbitrage within a New Keynesian model to study these policies. Because the transmission of monetary policy depends on private agents with limited risk-bearing capacity, financial market disruptions reduce the efficacy of both conventional policy as well as forward guidance. Conversely, financial crises are exactly the time when large scale asset purchases are most effective. Policymakers can take advantage of the inability of financial markets to fully absorb these purchases, which can push down long-term interest rates and help stabilize output and inflation.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118413&date=2018-09-04Seminar 281: International Trade and Finance - "Why Special Economic Zones? Using Trade Policy to Discriminate Across Importers.", Sep 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118282&date=2018-09-04
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118282&date=2018-09-04Econ 235, Financial Economics Seminar: "TBA", Sep 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119190&date=2018-09-06
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119190&date=2018-09-06Oliver E. Williamson Seminar: What are the Price Effects of Trade? Evidence from the U.S. and Implications for Quantitative Trade Models∗, Sep 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119059&date=2018-09-06
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119059&date=2018-09-06Seminar 251, Labor Seminar: "Can Teachers Add Value in Non-Cognitive Domains? Evidence from Matched Student and Crime Records", Sep 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118109&date=2018-09-06
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118109&date=2018-09-06Labor Lunch: "Consumer Spending During Unemployment: Positive and Normative Implications", Sep 7http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118110&date=2018-09-07
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118110&date=2018-09-07Political Economy Seminar: "How do Electoral Incentives Affect Legislator Behavior?", Sep 10http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119073&date=2018-09-10
The Political Economy Seminar focuses on formal and quantitative work in the political economy field, including formal political theory.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119073&date=2018-09-10Seminar 231, Public Finance: The Value of Unemployment Insurance, Sep 10http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=109862&date=2018-09-10
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=109862&date=2018-09-10Seminar 208, Microeconomic Theory: "Fair Matching Under Constraints: Theory and Applications", Sep 10http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119011&date=2018-09-10
Co-authored with Yuichiro Kamadahttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119011&date=2018-09-10Seminar 271, Development: "Can Wealth Taxation Work in Developing Countries? Quasi-Experimental Evidence from Colombia", Sep 10http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119226&date=2018-09-10
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119226&date=2018-09-10Seminar 217, Risk Management: Capacity constraints in earning, and asset prices before earnings announcements, Sep 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118096&date=2018-09-11
This paper proposes an asset pricing model with endogenous allocation of constrained learning capacity, that provides an explanation for abnormal returns before the scheduled release of information about firms, such as quarterly earnings announcements. In equilibrium investors endogenously focus their learning capacity and acquire information about stocks with upcoming announcements, resulting in excess price movements during this period. I show cross-sectional heterogeneity in stock returns and institutional investors' information demand before quarterly earnings announcements that are consistent with the model. The results suggest that limited information acquisition capacity, and investors' optimal allocation response can play a significant role in asset price movements before firms' scheduled announcements.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118096&date=2018-09-11Student Faculty Macro Lunch, Sep 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119243&date=2018-09-11
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119243&date=2018-09-11Development Lunch: "Incentivizing Behavioral Change: The Role of Time Preferences", Sep 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119236&date=2018-09-11
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119236&date=2018-09-11Seminar 218, Psychology and Economics: Complex Disclosure, Sep 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118657&date=2018-09-11
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118657&date=2018-09-11Seminar 237, Business Cycle and Earnings Inequality, Sep 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118414&date=2018-09-11
This paper studies dynamics of earnings inequality and its macroeconomic implications. I construct a quarterly measure of earnings inequality based on the Quarterly Census of Employment and Wages. Using the new measure, I investigate how earnings inequality responds to macroeconomic shocks. Although technology and fiscal policy shocks explain a significant fraction of the cyclical dynamics of earnings inequality, most of the short-run movements are not predictable. I define an inequality shock as the unanticipated component of the inequality index, which reduces real GDP and interest rate similar to a negative demand shock. It contributes to about 30% of the forecast error variance of real GDP at the peak. To understand the mechanism, I build two agent new Keynesian models. Using a simple model, I analytically illustrate why an inequality shock is related to a demand shock in a representative agent model. Then a medium-sized DSGE model is proposed for quantitative evaluation. Finally, I study a non-linear prediction of the model that higher inequality may lead to a more volatile business cycle. I explain why this is the case in the model and suggest empirical evidence supporting the view.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118414&date=2018-09-11Seminar 281: International Trade and Finance - Monetary Policy and Covered Interest Rate Parity Deviations: is there a Link?, Sep 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118283&date=2018-09-11
Abstract: A fundamental puzzle in international finance is the persistence of covered interest rate parity (CIP) deviations, also referred to as the cross-currency basis. This is indicative of the existence of a dollar financing premium for banks in the Euro area, Japan and Switzerland. Using a model of the microstructure of the foreign exchange swap market, I explore two channels through which the unconventional monetary policies of the European Central Bank, Bank of Japan and Swiss National Bank can create an excess demand for dollar funding. In the first, quantitative easing leads to a relative decline in domestic funding costs, making it cheaper to source dollars via forex swaps. In the second, negative interest rates cause a decline in domestic interest rate margins, as loan rates fall and deposit rates are bound at zero. This induces banks to rebalance their portfolio toward dollar assets, again creating a demand for dollars via forex swaps. Both policies thus lead to an increase in order flow, which is a measure of excess demand for dollars in the forex swap market. Dealers reset the forward price to offset the increase in order flow, and in doing so increase the premium that banks must pay to swap domestic currency into dollars. I show that CIP deviations have tended to widen around negative rate announcements. I similarly document reductions in domestic funding costs, rises in order flow, and a widening of the cross-currency basis following QE announcements.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118283&date=2018-09-11Haas Innovation and Entrepreneurship Seminar: Shai Bernstein, Sep 12http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119445&date=2018-09-12
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119445&date=2018-09-12Replication Seminar, "Heterogeneous firms and variable markups", Sep 12http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119725&date=2018-09-12
Brief Abstract: “In this presentation I will explain in detail how to solve and calibrate the model of heterogenous firms with endogenously variable markups analyzed in Edmond, Midrigan and Xu (2018 NBER wp). Models of this kind are used in research at the intersection of macro, IO and trade. I will explain how these models can be solved efficiently using projection methods and provide sample Matlab code illustrating the key steps."http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119725&date=2018-09-12Seminar 221, Industrial Organization: ​"Liquid Constrained in California: Estimating the Potential Gains from Water Markets", Sep 12http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118591&date=2018-09-12
Joint with Environmental and Energy Economics (EEE) Seminar (12:10pm – 1:30pm Giannini Hall – UC Berkeley, Room 248)http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118591&date=2018-09-12Econ 235, Financial Economics Seminar: "Measuring Bias in Consumer Credit Decisions", Sep 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119191&date=2018-09-13
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119191&date=2018-09-13Oliver E. Williamson Seminar: “How Wide Is the Firm Border?”, Sep 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119060&date=2018-09-13
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119060&date=2018-09-13Seminar 251, Labor Seminar: "Does Incarceration Increase Crime? New Evidence and Frameworks", Sep 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118111&date=2018-09-13
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118111&date=2018-09-13Seminar 242, Econometrics: "Convergence and Stability of Equilibria in Bayesian Markov Decision Processes", Sep 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119263&date=2018-09-13
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119263&date=2018-09-13PF Lunch Seminar:, Sep 17http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=113803&date=2018-09-17
Antoine Ferey - "Optimal taxation and tax complexity with misperceptions"<br />
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Malka Guillot - "Who Paid the 75% Tax onMillionaires?<br />
Optimisation of Salary Incomes and Incidence in Francehttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=113803&date=2018-09-17ECON 295 - Survey of Research in Economics, Sep 17http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119765&date=2018-09-17
Macro and International faculty will speak about their fields.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119765&date=2018-09-17Seminar 211, Economic History: Reconstruction Aid, Public Infrastructure, and Economic Development, Sep 17http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118907&date=2018-09-17
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118907&date=2018-09-17Seminar 208, Microeconomic Theory: "Single-Crossing Differences on Distributions", Sep 17http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119013&date=2018-09-17
Co-Authored with Navin Kartik and Daniel Rappoporthttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119013&date=2018-09-17Seminar 271, Development: "The Treatment Effect Elasticity of Demand: Estimating the welfare losses from groundwater depletion in India", Sep 17http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119855&date=2018-09-17
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119855&date=2018-09-17Seminar 217, Risk Management: Nonstandard Analysis and its Application to Markov Processes, Sep 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118740&date=2018-09-18
Nonstandard analysis, a powerful machinery derived from mathematical logic, has had many applications in probability theory as well as stochastic processes. Nonstandard analysis allows construction of a single object - a hyperfinite probability space - which satisfies all the first order logical properties of a finite probability space, but which can be simultaneously viewed as a measure-theoretical probability space via the Loeb construction. As a consequence, the hyperfinite/measure duality has proven to be particularly in porting discrete results into their continuous settings.<br />
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In this talk, for every general-state-space continuous-time Markov process satisfying appropriate conditions, we construct a hyperfinite Markov process to represent it. Hyperfinite Markov processes have all the first order logical properties of a finite Markov process. We establish ergodicity of a large class of general-state-space continuous-time Markov processes via studying their hyperfinite counterpart. We also establish the asymptotical equivalence between mixing times, hitting times and average mixing times for discrete-time general-state-space Markov processes satisfying moderate condition. Finally, we show that our result is applicable to a large class of Gibbs samplers and a large class of Metropolis-Hasting algorithms.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118740&date=2018-09-18Development Lunch: "Social Norms, Technology Adoption, and Team Productivity" and "The Difference a Job Makes: Evidence from the Dominican Republic", Sep 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119237&date=2018-09-18
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119237&date=2018-09-18Seminar 218, Psychology and Economics: Incentivized Resume Rating: Eliciting the Distribution of Employer Preferences without Deception, Sep 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118659&date=2018-09-18
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118659&date=2018-09-18Seminar 237, The Macroeconomic Implications of Corporate Debt Policies and Pricing Strategies, Sep 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119313&date=2018-09-18
This paper studies the effect of bank lending frictions on firms' corporate debt choices and behaviors in product markets, whereby debt composition consists of bank loans and (market-based) bond issuances. I document a hump-shaped relationship between a firm's reliance on market financing and its product (price-marginal) cost markup: on average, markups rise with their share of market debt in total financing before reaching a peak at a share exceeding half, between 52–60 percent, after which markups then decline. In response to a bank credit crunch, this hump-shaped relationship shifts inward for predominately market-financed firms, while outward for mixed and mostly bank-financed firms. To explain this cross-sectional pattern, I develop a quantitative model of firm dynamics in a monopolistically competitive economy. The model's predictions find support in cross-sectional moments on debt structure and markups of US public firms. This reaction to credit disruptions helps explain the dampened response of inflation in the aftermath of the 2008–09 financial crisis.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119313&date=2018-09-18Seminar 281: International Trade and Finance, "Title: "Credit Allocation under Banking Globalization: Theory and Empirics", Sep 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118344&date=2018-09-18
Abstract:<br />
This paper studies how the globalization of banking affects credit allocation across firms. I develop a model of global and local banking where each type of bank faces a problem of asymmetric information: global banks have the technology to extract global but not local information; local banks have the technology to extract local but not global information. The model shows that this double information asymmetry problem creates a segmented credit market affected by adverse selection. Firms with a higher return due to global risk relative to local risk select into borrowing from global banks; firms with a higher return due to local risk relative to global risk select into borrowing from local banks. The model further demonstrates that, when one of the banks faces a funding shock, the adverse selection problem induces firms in the middle range of the distribution on the relative return due to global versus local risk to switch banks, and has the potential to generate spillover and amplification effects. I test the model using a cross-country loan-level dataset matched with firm balance sheet data. I find firm-bank sorting patterns and evidence on firm switching behavior during the European sovereign debt crisis that support the model predictions.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118344&date=2018-09-18Seminar 221, Industrial Organization: ​"Attention Oligopoly", Sep 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118588&date=2018-09-18
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118588&date=2018-09-18Econ 235, Financial Economics Seminar: "TBA", Sep 20http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119192&date=2018-09-20
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119192&date=2018-09-20Oliver E. Williamson Seminar: The Effect of Political Power on Labor Market Inequality: Evidence from the 1965 Voting Rights Act, Sep 20http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119061&date=2018-09-20
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119061&date=2018-09-20Econ 235, Financial Economics Student Seminar: "Financial Technology Adoption and Retailer Competition", Sep 20http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120206&date=2018-09-20
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120206&date=2018-09-20Seminar 251, Labor Seminar: "How Do Primary Care Physicians Influence Healthcare?", Sep 20http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118112&date=2018-09-20
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118112&date=2018-09-20Seminar 242, Econometrics: "Selection of Heterogenous Instruments in Partially Linear Fixed Effects Panel Regression", Sep 20http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119630&date=2018-09-20
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119630&date=2018-09-20Seminar 251, Labor seminar: "Can Wealth Taxation Work in Developing Countries? Quasi-Experimental Evidence from Colombia", Sep 21http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118127&date=2018-09-21
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118127&date=2018-09-21CANCELED: Labor Lunch: NO SEMINAR, Sep 21http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120067&date=2018-09-21
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120067&date=2018-09-21PF Lunch Seminar:, Sep 24http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117955&date=2018-09-24
Alessandra Fenizia - "Managers and Productivity in the Public Sector"<br />
Nicolas Jannin - "Behavioral responses to local public spending: theory and evidence"http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117955&date=2018-09-24Political Economy Seminar: "Pledge-and-Review Bargaining", Sep 24http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119074&date=2018-09-24
The Political Economy Seminar focuses on formal and quantitative work in the political economy field, including formal political theory.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119074&date=2018-09-24Seminar 211, Economic History: Did Speculation in Land Pay Off for British Investors? Buying and Selecting Land in South Australia, 1835-1850, Sep 24http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118908&date=2018-09-24
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118908&date=2018-09-24Seminar 208, Microeconomic Theory: "Preference Structures", Sep 24http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119014&date=2018-09-24
Co-Authored with Efe A. Okhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119014&date=2018-09-24Seminar 271, Development: "Financial Technology Adoption and Retail Competition", Sep 24http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119857&date=2018-09-24
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119857&date=2018-09-24Seminar 217, Risk Management: A Deep Learning Investigation of One-Month Momentum, Sep 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118741&date=2018-09-25
The one-month return reversal in equity prices was first documented by Jedadeesh (1990), who found that there was a highly significant negative serial correlation in the monthly return series of stocks. This is in contrast to the positive serial correlation of the annual stock returns. Explanations for this effect differ, but the general consensus has been that the trailing one-month return includes a component of overreaction by investors. Since 1990, the one-month return reversal effect has decayed substantially, which has led others to refine it. Asness, Frazzini, Gormsen, and Pedersen (2017) refine this idea by adjusting MAX5 (the average of the five highest daily returns over the trailing month) for trailing volatility. They define a measure SMAX (scaled MAX5), which is the MAX5 divided by the trailing month daily return volatility. SMAX is designed to capture lottery demand in excess of volatility. They show that SMAX has an even stronger one-month return reversal than trailing month return.<br />
<br />
In this talk, I first replicate the results of Jedadeesh and Asness as benchmark models. I confirm that SMAX outperforms simple return reversal over the test period 1993-2017. However, the effectiveness of SMAX declines substantially over the test period. Using an enhanced combination of return statistics, I improve upon SMAX. I further improve upon SMAX by applying Neural Networks to trailing daily active returns. Note that all of these signals decay substantially in effectiveness over the common test period 1998-2017.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118741&date=2018-09-25Student Faculty Macro Lunch - "Model Selection And Impulse Responses With Single Equation Regressions", Sep 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119509&date=2018-09-25
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119509&date=2018-09-25Development Lunch: "Pre-Results Review at the Journal of Development Economics" and "Long-term impacts of hosting refugees on second generation health outcomes: Evidence from Tanzania and Uganda", Sep 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119238&date=2018-09-25
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119238&date=2018-09-25Seminar 218, Psychology and Economics: Preferences for Competition: Children versus Parents, Sep 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118661&date=2018-09-25
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118661&date=2018-09-25Seminar 237, Why do Spatial Wage Gaps Persist? Evidence from the Enduring Divide between East and West Germany, Sep 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119127&date=2018-09-25
We study the origins of persistent spatial wage gaps in a novel framework with worker<br />
reallocation both across establishments and across space. We estimate the model using<br />
matched employer-employee data from Germany. The country provides a perfect setting:<br />
more than 25 years after the fall of the Iron Curtain, West Germany’s average real wage is,<br />
controlling for individual characteristics, still 20% higher than that of the East, despite a<br />
dynamic labor market in which one in five workers changes jobs every year. While sorting<br />
and labor market matching frictions are present, an important driver behind the gap’s<br />
persistence is workers’ strong preference to live in their home region. Following workers<br />
across space, we show that East-born workers require a wage increase by about 27% more<br />
than West-born workers to move from East to West Germany, and are likely to move back.<br />
This home bias generates a segmented labor market in which East German firms paying<br />
low real wages are able to retain workers, and in which East German unemployment can<br />
remain relatively high.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119127&date=2018-09-25Seminar 281: International Trade and Finance - "The Geography of Consumption Inequality", Sep 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118345&date=2018-09-25
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118345&date=2018-09-25Seminar 221, Industrial Organization: ​"Quantifying Delay Externalities in Airline Networks", Sep 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118505&date=2018-09-25
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118505&date=2018-09-25Real Estate Research Seminar, Sep 26http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120260&date=2018-09-26
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120260&date=2018-09-26Seminar 291, Departmental Seminar: "Automation and Procreation" (slides), Sep 26http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118578&date=2018-09-26
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118578&date=2018-09-26Econ 235, Financial Economics Seminar: "Extrapolative Beliefs in the Cross-section: What Can We Learn from the Crowds?", Sep 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119193&date=2018-09-27
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119193&date=2018-09-27Oliver E. Williamson Seminar: "Supply chain enforcement of labor law: Experimental evidence from Bangladesh’s apparel sector", Sep 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119062&date=2018-09-27
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119062&date=2018-09-27Seminar 251, Labor Seminar: "Tax Advantages and Imperfect Competition in Auctions for Municipal Bonds", Sep 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118114&date=2018-09-27
joint with Public Financehttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118114&date=2018-09-27Seminar 231, Public Finance Seminar: "Tax Advantages and Imperfect Competition in Auctions for Municipal Bonds", Sep 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120218&date=2018-09-27
joint with Laborhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120218&date=2018-09-27Seminar 242, Econometrics: "Identifying distributions in a panel model with heteroskedasticity: an application to earnings volatility.", Sep 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118156&date=2018-09-27
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118156&date=2018-09-27Labor Lunch: “Scabs: The Social Suppression of Labor Supply”, Sep 28http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120068&date=2018-09-28
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120068&date=2018-09-28Econ 235, Financial Economics Seminar: "TBA", Oct 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119194&date=2018-10-01
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119194&date=2018-10-01PF Lunch Seminar:, Oct 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117956&date=2018-10-01
Nicholas Li - "Housing Market Channels of Segregation"<br />
Yotam Shem-Tov - "New Estimates of the Incapacitation and Criminogenic Effects of Prison" (joint work with Evan Rose)http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117956&date=2018-10-01Seminar 211, Economic History: Do Black Politicians Matter?, Oct 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118910&date=2018-10-01
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118910&date=2018-10-01Seminar 208, Microeconomic Theory: "Experimentation and Approval Mechanisms", Oct 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119015&date=2018-10-01
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119015&date=2018-10-01Seminar 271, Development: "Supply Chain Enforcement of Labor Law: Experimental Evidence from Bangladesh's Apparel Sector", Oct 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119859&date=2018-10-01
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119859&date=2018-10-01Seminar 217, Risk Management: Predicting Portfolio Return Volatility at Median Horizons, Oct 2http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118742&date=2018-10-02
Commercially available factor models provide good predictions of short-horizon (e.g. one day or one week) portfolio volatility, based on estimated portfolio factor loadings and responsive estimates of factor volatility. These predictions are of significant value to certain short-term investors, such as hedge funds. However, they provide limited guidance to long-term investors, such as Defined Benefit pension plans, individual owners of Defined Contribution pension plans, and insurance companies. Because return volatility is variable and mean-reverting, the square root rule for extrapolating short-term volatility predictions to medium-horizon (one year to five years) risk predictions systematically overstates (understates) medium-horizon risk when short-term volatility is high (low). In this paper, we propose a computationally feasible method for extrapolating to medium-horizon risk predictions in one-factor models that substantially outperforms the square root rule.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118742&date=2018-10-02Student Faculty Macro Lunch - "Inflation Expectations And Firm Decisions: New Causal Evidence", Oct 2http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119511&date=2018-10-02
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119511&date=2018-10-02Development Lunch: "Trade Liberalization and Market Power: Disentangling the Effects in Product and Labor Markets", Oct 2http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119239&date=2018-10-02
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119239&date=2018-10-02Seminar 218, Psychology and Economics: Beliefs about Gender, Oct 2http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118663&date=2018-10-02
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118663&date=2018-10-02Seminar 237, The Inattentive Consumer: Sentiment and Expectations, Oct 2http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118441&date=2018-10-02
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118441&date=2018-10-02Seminar 221, Industrial Organization: ​"Intermediation and Vertical Integration in the Market for Surgeons", Oct 2http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118303&date=2018-10-02
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118303&date=2018-10-02Real Estate Research Seminar, Oct 3http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120384&date=2018-10-03
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120384&date=2018-10-03Seminar 281: International Trade and Finance - “The Origins of Firm Heterogeneity: A Production Network Approach”, Oct 3http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118346&date=2018-10-03
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118346&date=2018-10-03Econ 235, Financial Economics Seminar: "TBA", Oct 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119195&date=2018-10-04
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119195&date=2018-10-04Oliver E. Williamson Seminar: "The Oriental City? Political Hierarchy and Regional Development in China, AD1000-2000", Oct 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119063&date=2018-10-04
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119063&date=2018-10-04CANCELED: Seminar 251, Labor Seminar: NO SEMINAR, Oct 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118115&date=2018-10-04
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118115&date=2018-10-04Labor Lunch: "Short-Run and Long-Run Effects of Sizable Conditional Child Subsidy", Oct 5http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118128&date=2018-10-05
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118128&date=2018-10-05ECON 295 - Survey of Research in Economics, Oct 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119766&date=2018-10-08
Public Finance faculty will speak about their field.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119766&date=2018-10-08Seminar 208, Microeconomic Theory: "Searching For Policy Reforms", Oct 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119017&date=2018-10-08
Joint with the Political Economy Seminar. <br />
*Note the change in time/locationhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119017&date=2018-10-08Political Economy Seminar: "Searching for Policy Reforms", Oct 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119076&date=2018-10-08
The Political Economy Seminar focuses on formal and quantitative work in the political economy field, including formal political theory.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119076&date=2018-10-08Seminar 231, Public Finance: "Monopsony and Employer Mis-optimization Explain Why Wages Bunch at Round Numbers", Oct 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117946&date=2018-10-08
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117946&date=2018-10-08Blum Center Author Series Presents: “Doing Capitalism in the Innovation Economy 2.0”, Oct 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120586&date=2018-10-08
Bill Janeway of Warburg-Pincus and of the Institute for New Economic Thinking will be speaking at the Blum Center on his book: Doing Capitalism in the Innovation Economy. A reception will follow. <br />
<br />
Cosponsored by the Berkeley Economic History Laboratory and the Berkeley Economic History Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120586&date=2018-10-08Seminar 271, Development: "Social Signaling in Childhood Immunization: Experimental Evidence from Sierra Leone", Oct 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120577&date=2018-10-08
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120577&date=2018-10-08Seminar 217, Risk Management: Robust Learning: Information Theory and Algorithms, Oct 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118749&date=2018-10-09
This talk will provide an overview of recent results in high-dimensional robust estimation. The key question is the following: given a dataset, some fraction of which consists of arbitrary outliers, what can be learned about the non-outlying points? This is a classical question going back at least to Tukey (1960). However, this question has recently received renewed interest for a combination of reasons. First, many of the older results do not give meaningful error bounds in high dimensions (for instance, the error often includes an implicit sqrt(d)-factor in d dimensions). Second, recent connections have been established between robust estimation and other problems such as clustering and learning of stochastic block models. Currently, the best known results for clustering mixtures of Gaussians are via these robust estimation techniques. Finally, high-dimensional biological datasets with structured outliers such as batch effects, together with security concerns for machine learning systems, motivate the study of robustness to worst-case outliers from an applied direction.<br />
<br />
The talk will cover both information-theoretic and algorithmic techniques in robust estimation, aiming to give an accessible introduction. We will start by reviewing the 1-dimensional case, and show that many natural estimators break down in higher dimensions. Then we will give a simple argument that robust estimation is information-theoretically possible. Finally, we will show that under stronger assumptions we can perform robust estimation efficiently, via a "dual coupling" inequality that is reminiscent of matrix concentration inequalities.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118749&date=2018-10-09Student Faculty Macro Lunch - "SCABS: THE SOCIAL SUPPRESSION OF LABOR SUPPLY", Oct 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119516&date=2018-10-09
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119516&date=2018-10-09Development Lunch: "Understanding Demand for Electricity in Rural Rwanda" and "The Impact of Affordable Housing Programs: A Natural Experiment from Mumbai", Oct 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119240&date=2018-10-09
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119240&date=2018-10-09Seminar 218, Psychology and Economics: Liquidity Constraints and the Value of Insurance, Oct 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118665&date=2018-10-09
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118665&date=2018-10-09Seminar 237, Human Frictions to the Transmission of Economic Policy, Oct 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119878&date=2018-10-09
Intertemporal substitution is at the heart of modern macroeconomics and finance as well as economic policymaking, but a large fraction of a representative population -- those below the top of the distribution by cognitive abilities (IQ) -- do not change their consumption propensities with their inflation expectations. Low-IQ men are also less than half as sensitive to interest-rate changes when making borrowing decisions. Low-IQ men account for more than 50% of the individuals and 50% of the labor income in our sample, which includes unique merged administrative data on cognitive abilities, economic expectations, and consumption and borrowing plans from Finland. Heterogeneity in education, income, other expectations, and financial constraints do not explain these results. Limited cognitive abilities are human frictions in the transmission and effectiveness of economic policy and inform research on heterogeneous agents in macroeconomics and finance. <br />
<br />
<br />
Joint work with Francesco D'Acunto, Daniel Hoang and Maritta Paloviitahttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119878&date=2018-10-09Seminar 281: International Trade and Finance - "Supply, Demand, Institutions, and Firms: A Theory of Sorting and the Wage Distribution", Oct 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118421&date=2018-10-09
Abstract: This paper develops and tests a theory of how the supply of skills, labor demand shocks, and minimum wages affect the wage distribution in the presence of firm heterogeneity and imperfectly competitive labor markets. The model features four components: (i) a task-based production function with imperfect substitution across educational groups; (ii) final goods with distinct task requirements, generating differences in demand for skill across firms; (iii) free entry, leading to endogenous responses in the composition of firm types in the economy; and (iv) monopsony power in the labor market, creating firm-level wage premia for ex-ante similar workers. Firm heterogeneity and imperfect competition affect how the wage distribution responds to supply, demand, and institutional shocks via two channels: (i) shifts in the economy-wide distribution of tasks caused by changes in firm composition, generating a secondary demand shock; and (ii) changes in sorting patterns between workers and firms. I estimate the model using Brazilian data and show that it can rationalize different measures of sorting, reduced-form estimates of minimum wage spillovers over the wage distribution, and changes in several forms of wage dispersion: between educational groups, within education between firms, and within education within firms.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118421&date=2018-10-09Seminar 221, Industrial Organization: ​"The Impact of Insurance Pricing and Market Structure: A Study of GSE-Securitized Mortgages", Oct 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118304&date=2018-10-09
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118304&date=2018-10-09The Distributional Effects of Minimum Wages: Evidence from Linked Survey and Administrative Data, Oct 10http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120513&date=2018-10-10
John Voorheis will discuss the implications of his research finding that minimum wage policies increase long-term earnings of low-wage workers, and possibly reasons for the persistence of those effects. Rising income inequality and stagnating economic mobility have prompted state and local governments to focus on higher minimum wages. As these policies expand, an understanding of how minimum wage increases affect earnings growth is critical. However, commonly used public datasets offer limited opportunities to evaluate this relationship. Using administrative earnings data from the Social Security Administration linked to the Current Population Survey, we gain valuable insight into how effects of the minimum wage on earnings persist over time.<br />
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By estimating the effects of the minimum wage on both growth incidence curves and income mobility profiles, we find that raising the minimum wage increases earnings growth at the bottom of the distribution. These effects persist – even grow in magnitude over several years. These findings suggest that a minimum wage increase comparable in magnitude to the increase experienced in Seattle between 2013 and 2016 would have blunted some, but not all, of the worst income losses suffered at the bottom of the income distribution during the Great Recession.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120513&date=2018-10-10Seminar 291, Departmental Seminar, Oct 10http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118553&date=2018-10-10
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118553&date=2018-10-10Econ 235, Financial Economics Seminar: "TBA", Oct 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119196&date=2018-10-11
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119196&date=2018-10-11Oliver E. Williamson Seminar: "How Does Competition Affect Innovation?Evidence from U.S. Antitrust Cases", Oct 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119064&date=2018-10-11
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119064&date=2018-10-11Econ 235, Financial Economics Student Seminar: "TBA", Oct 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120207&date=2018-10-11
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120207&date=2018-10-11Seminar 251, Labor Seminar: "Disability Insurance: Gender Differences and Incentive Costs", Oct 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118116&date=2018-10-11
with Hamish Lowhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118116&date=2018-10-11Seminar 242, Econometrics: "Identification and estimation in a collective household model with random resource shares when households are observed twice", Oct 11http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118468&date=2018-10-11
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118468&date=2018-10-11Labor Lunch: "The Effects of Parental and Sibling Incarceration: Evidence from Ohio", Oct 12http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118129&date=2018-10-12
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118129&date=2018-10-12Econ 235, Financial Economics Seminar: "TBA", Oct 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119197&date=2018-10-15
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119197&date=2018-10-15ECON 295 - Survey of Research in Economics, Oct 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119767&date=2018-10-15
Amy Honigman from Counseling and Psychological Services will speak about taking care of your mental well-being in grad school, what to do if you are concerned about a friend, and provide resources.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119767&date=2018-10-15Seminar 231, Public Finance: Taxation, Information and Withholding: Evidence from Costa Rica, Oct 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117948&date=2018-10-15
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117948&date=2018-10-15Seminar 211, Economic History: Can you move to opportunity? Evidence from the Great Migration, Oct 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118911&date=2018-10-15
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118911&date=2018-10-15Seminar 271, Development joint with 231, Public Finance: "Taxation, Information and Withholding: Evidence from Costa Rica", Oct 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119861&date=2018-10-15
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119861&date=2018-10-15Seminar 208, Microeconomic Theory: "Intertemporal Consumption with Risk: A Revealed Preference Analysis", Oct 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119080&date=2018-10-15
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119080&date=2018-10-15Seminar 217, Risk Management: Asymptotic Spectral Analysis of Markov Chains with Rare Transitions: A Graph-Algorithmic Approach, Oct 16http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118748&date=2018-10-16
Parameter-dependent Markov chains with exponentially small transition rates arise in modeling complex systems in physics, chemistry, and biology. Such processes often manifest metastability, and the spectral properties of the generators largely govern their long-term dynamics. In this work, we propose a constructive graph-algorithmic approach to computing the asymptotic estimates of eigenvalues and eigenvectors of the generator. In particular, we introduce the concepts of the hierarchy of Typical Transition Graphs and the associated sequence of Characteristic Timescales. Typical Transition Graphs can be viewed as a unification of Wentzell’s hierarchy of optimal W-graphs and Friedlin’s hierarchy of Markov chains, and they are capable of describing typical escapes from metastable classes as well as cyclic behaviors within metastable classes, for both reversible and irreversible processes. We apply the proposed approach to conduct zero-temperature asymptotic analysis of the stochastic network representing the energy landscape of the Lennard-Jones cluster of 75 atoms.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118748&date=2018-10-16Development Lunch: "Estimating the Drivers of Political Corruption: Evidence from an Experiment in Brazil", Oct 16http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119241&date=2018-10-16
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119241&date=2018-10-16Seminar 218, Psychology and Economics: Social Signaling in Childhood Immunization: Experimental Evidence from Sierra Leone, Oct 16http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118667&date=2018-10-16
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118667&date=2018-10-16Seminar 221, Industrial Organization: ​"How Do Primary Care Physicians Influence Healthcare? Evidence on Practice Styles and Switching Costs from Medicare", Oct 16http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118305&date=2018-10-16
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118305&date=2018-10-16Econ 235, Financial Economics Seminar: "TBA", Oct 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119198&date=2018-10-18
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119198&date=2018-10-18Oliver E. Williamson Seminar: "Norms in Bargaining: Evidence from Government Formation", Oct 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119065&date=2018-10-18
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119065&date=2018-10-18Seminar 251, Labor Seminar: "How workplace consolidation affects workers: Evidence from Germany", Oct 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118113&date=2018-10-18
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118113&date=2018-10-18Seminar 251, Labor Seminar: "Housing Market Channels of Segregation", Oct 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118108&date=2018-10-18
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118108&date=2018-10-18Seminar 242, Econometrics: "Reasonable Doubt: When are Callbacks a Crime?", Oct 18http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118745&date=2018-10-18
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118745&date=2018-10-184th Annual CDAR Symposium 2018, Oct 19http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119719&date=2018-10-19
The fourth annual CDAR Symposium, presented in partnership with State Street, will convene on Friday, October 19, 2018, from 8:30 am to 6:30 pm at UC Berkeley’s Memorial Stadium. Our conference will feature new developments in data science, highlighting applications to finance and risk management. Confirmed speakers include Jeff Bohn, Olivier Ledoit, Ulrike Malmendier, Steven Kou, Ezra Nahum, Roy Henriksson, and Ken Kroner.<br />
<br />
The Consortium for Data Analytics in Risk (CDAR) supports research into innovation in data science and its applications to portfolio management and investment risk. Based in the Economics and Statistics Departments at UC Berkeley, CDAR was co-founded with State Street, Stanford, Berkeley Institute for Data Science (BIDS), and Southwestern University of Finance and Economics (SWUFE). This year, CDAR welcomes a new founding member, Swiss Re based in Switzerland, and a new industry partner, AXA Rosenberg. CDAR organizes conferences, workshops, and research programs, bringing together academic researchers from the physical and social sciences, and industry researchers from financial management firms and technology development companies large and small.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119719&date=2018-10-19Labor Lunch: "Labor market changes and earnings dynamics in Germany: 1960 -2015“, Oct 19http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118130&date=2018-10-19
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118130&date=2018-10-19Political Economy Seminar: "The Long-lasting Effects of Living Under Communism on Financial Risk-Taking", Oct 22http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119077&date=2018-10-22
The Political Economy Seminar focuses on formal and quantitative work in the political economy field, including formal political theory.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119077&date=2018-10-22ECON 295: Survey of Research in Economics, Oct 22http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120535&date=2018-10-22
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120535&date=2018-10-22Seminar 231, Public Finance: "Can Wealth Taxation Work in Developing Countries? Quasi-Experimental Evidence from Colombia", Oct 22http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117950&date=2018-10-22
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117950&date=2018-10-22Seminar 208, Microeconomic Theory: "Ambiguous Persuasion", Oct 22http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119027&date=2018-10-22
Co-Authored with Dorian Beauchene and Ming Lihttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119027&date=2018-10-22Seminar 271, Development: "Credit Lines as Insurance: Evidence from Bangladesh", Oct 22http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119867&date=2018-10-22
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119867&date=2018-10-22Seminar 217, Risk Management: Proliferation of Anomalies and Zoo of Factors – What does the Hansen–Jagannathan Distance Tell Us?, Oct 23http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118743&date=2018-10-23
Recent research finds that prominent asset pricing models have mixed success in evaluating the cross-section of anomalies, which highlights proliferation of anomalies and zoo of factors. In this paper, I investigate that how is the relative pricing performance of these models to explain anomalies, when comparing their misspecification errors– the Hansen–Jagannathan (HJ) distance measure. I find that a traded-factor model dominates others in a specific anomaly by incorporating the multiple HJ distance comparing inference. However, different from the current research of Barillas and Shanken (2017) and Barillas, Kan, Robotti and Shanken (2018), I result that the HJ distance is a general statistic measure to compare models and some model-derived non-traded factors even outperform traded factors. Second, there is a large variation in the shape and curvature of these confidence sets of anomalies, which makes any single SDF difficult to satisfy confidence sets of anomalies all. My results imply that further work is required not only in pruning the number of priced factors but also in building models that explain the anomalies better.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118743&date=2018-10-23Student Faculty Macro Lunch - "The Missing Profits of Nations", Oct 23http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119521&date=2018-10-23
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119521&date=2018-10-23Development Lunch:"Food Labeling: Eﬀects on Supply and Demand of Nutritional Content" and "Mistreatment of Pneumonia and Rapid Diagnostic Tests: Experimental Evidence from the Siaya County, Kenya", Oct 23http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120350&date=2018-10-23
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120350&date=2018-10-23Seminar 237/281: Macro/International Seminar - "Productivity and Misallocation in General Equilibrium", Oct 23http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118423&date=2018-10-23
Abstract: We provide a general non-parametric formula for aggregating microeconomic shocks in general equilibrium economies with distortions such as taxes, markups, frictions to resource reallocation, and nominal rigidities. We show that the macroeconomic impact of a shock can be boiled down into two components: its “pure” technology effect; and its effect on allocative efficiency arising from the reallocation of resources, which can be measured via changes in factor income shares. We derive a formula showing how these two components are determined by structural microeconomic parameters such as elasticities of substitution, returns to scale, factor mobility, and network linkages. Overall, our results generalize those of Solow (1957) and Hulten (1978) to economies with distortions. As examples, we pursue some applications focusing on markup distortions. We operationalize our non-parametric results and show that improvements in allocative efficiency account for about 50% of measured TFP growth over the period 1997-2015. We implement our structural results and conclude that eliminating markups would raise TFP by about 20%, increasing the economy-wide cost of monopoly distortions by two orders of magnitude compared to the famous 0.1% estimate by Harberger (1954).http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118423&date=2018-10-23Seminar 218, Psychology and Economics: Contingent Preferences and the Sure-Thing Principle: Revisiting Classic Anomalies in the Laboratory, Oct 23http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118669&date=2018-10-23
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118669&date=2018-10-23Haas Innovation Seminar, Oct 24http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120754&date=2018-10-24
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120754&date=2018-10-24Oliver E. Williamson Seminar: "Effects of Copyrights on Science", Oct 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119066&date=2018-10-25
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119066&date=2018-10-25Seminar 251, Labor Seminar: "Can Displaced Labor Be Retrained? Evidence from Quasi-Random Assignment to Trade Adjustment Assistance", Oct 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118118&date=2018-10-25
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118118&date=2018-10-25Seminar 281, International Trade and Finance Seminar:""Can Displaced Labor Be Retrained? Evidence from Quasi-Random Assignment to Trade Adjustment Assistance", Oct 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118561&date=2018-10-25
Joint with Laborhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118561&date=2018-10-25Seminar 242, Econometrics: "Identification and estimation of large N,T models with time and individual unobserved heterogeneity", Oct 25http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118157&date=2018-10-25
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118157&date=2018-10-25Labor Lunch: "Asylum Policies and Labour Market Integration of Refugees", Oct 26http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118541&date=2018-10-26
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118541&date=2018-10-26PF Lunch Seminar:, Oct 29http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117957&date=2018-10-29
Charlotte Bartels - "Was Marx right? Income inequality, capital share and voting behavior in late 19th century Germany"<br />
Timm Bönke - “Lifetime income inequality, redistribution and longevity”http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117957&date=2018-10-29ECON 295: Survey of Research in Economics, Oct 29http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120534&date=2018-10-29
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120534&date=2018-10-29Seminar 211, Economic History: The Effect of Political Power on Labor Market Inequality: Evidence from the 1965 Voting Rights Act, Oct 29http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120801&date=2018-10-29
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120801&date=2018-10-29Seminar 208, Microeconomic Theory: "Games of Love and Hate", Oct 29http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119018&date=2018-10-29
Co-Authored with Debraj Rayhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119018&date=2018-10-29Student Faculty Macro Lunch - "Peer Effects and Debt Accumulation: Evidence from Norwegian Household Data", Oct 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119522&date=2018-10-30
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119522&date=2018-10-30Development Lunch: "Wage Compression and Earnings Inequality", Oct 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120351&date=2018-10-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120351&date=2018-10-30Seminar 237/281: Macro/International Seminar -"The Intertemporal Keynesian Cross", Oct 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118424&date=2018-10-30
TBDhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118424&date=2018-10-30Seminar 218, Psychology and Economics: Economic Data Engineering and Attention, Oct 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118671&date=2018-10-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118671&date=2018-10-30Seminar 221, Industrial Organization: ​"How Does Competition Affect Innovation? Evidence from U.S. Antitrust Cases", Oct 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118307&date=2018-10-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118307&date=2018-10-30Haas Innovation Seminar, Oct 31http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120755&date=2018-10-31
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120755&date=2018-10-31Seminar 291, Departmental Seminar: Special Seminar Joint with the School of Information, Oct 31http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120747&date=2018-10-31
Joint with School of Informationhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120747&date=2018-10-31Real Estate/Finance joint seminar, Nov 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121145&date=2018-11-01
Xavier Giroud: Firms' Internal Networks and Local Economic Shockshttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121145&date=2018-11-01Econ 235, Financial Economics Seminar: "Firms' Internal Networks and Local Economic Shock", Nov 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119199&date=2018-11-01
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119199&date=2018-11-01Oliver E. Williamson Seminar: "Incentivizing Behavioral Change: The Role of Time Preferences", Nov 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119067&date=2018-11-01
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119067&date=2018-11-01Seminar 271, Development: "Incentivizing Behavioral Change: The Role of Time Preferences", Nov 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121128&date=2018-11-01
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121128&date=2018-11-01Seminar 251, Labor Seminar: The Local and Aggregate Effect of Agglomeration on Innovation: Evidence from High Tech Clusters, Nov 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118119&date=2018-11-01
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118119&date=2018-11-01Seminar 242, Econometrics: "Machine Learning Estimation of Heterogeneous Causal Effects: Empirical Monte Carlo Evidence", Nov 1http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118158&date=2018-11-01
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118158&date=2018-11-01Labor Lunch: Outside Options, Bargaining and Wages: Evidence from Coworker Networks, Nov 2http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118604&date=2018-11-02
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118604&date=2018-11-02Political Economy Seminar: "Lobbying as Cooperative Policy Development", Nov 5http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119092&date=2018-11-05
The Political Economy Seminar focuses on formal and quantitative work in the political economy field, including formal political theory.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119092&date=2018-11-05Seminar 231, Public Finance: “Taxation and Labor Force Participation: The EITC Reconsidered”, Nov 5http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117952&date=2018-11-05
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117952&date=2018-11-05Seminar 211, Economic History: Taxes and Growth: New Narrative Evidence from Interwar Britain, Nov 5http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118912&date=2018-11-05
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118912&date=2018-11-05Seminar 271, Development: "The Impact of Monitoring Technologies on Contracts and Employee Behavior: Experimental Evidence from Kenya’s Matatu Industry", Nov 5http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119879&date=2018-11-05
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119879&date=2018-11-05Student Faculty Macro Lunch - "Slack and Efficiency in Sequential Goods and labor Markets", Nov 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119524&date=2018-11-06
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119524&date=2018-11-06Development Lunch: "The Economic Costs of Justice Delays" and "Tax Compliance and Legitimacy: A Randomized Evaluation with the Uganda Revenue Authority", Nov 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120352&date=2018-11-06
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120352&date=2018-11-06Seminar 218, Psychology and Economics: Using Models to Persuade, Nov 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118672&date=2018-11-06
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118672&date=2018-11-06Seminar 237, Fiscal Origins of Monetary Paradoxes, Nov 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119874&date=2018-11-06
joint with Dejanir Silvahttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119874&date=2018-11-06Seminar 281: International Trade and Finance - "The Global Business Cycle: Measurement and Transmission", Nov 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118426&date=2018-11-06
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118426&date=2018-11-06Seminar 221, Industrial Organization: ​"Overspending in the Videogames Market", Nov 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118306&date=2018-11-06
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118306&date=2018-11-06Econ 235, Financial Economics Seminar: "TBA", Nov 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119200&date=2018-11-08
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119200&date=2018-11-08Oliver E. Williamson Seminar, Nov 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119068&date=2018-11-08
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119068&date=2018-11-08Seminar 251, Labor Seminar: "Monitoring Discrimination with Experimental Audits: An Empirical Bayes Approach", Nov 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118874&date=2018-11-08
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118874&date=2018-11-08Seminar 242, Econometrics: "Concentration Based Inference for High Dimensional (Generalized) Regression Models: New Phenomena in Hypothesis Testing", Nov 8http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119426&date=2018-11-08
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119426&date=2018-11-08Labor Lunch: "Female Science Advisors and the STEM Gender Gap", Nov 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118603&date=2018-11-09
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118603&date=2018-11-09Seminar 208, Microeconomic Theory: "Multinomial Logit Processes and Preference Discovery: Inside and Outside the Black Box", Nov 9http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119019&date=2018-11-09
* Please note the change in date/time<br />
Co-Authored by Simone Cerreia-Vioglio, Massimo Marinacci and Aldo Rustichinihttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119019&date=2018-11-09CANCELED: Seminar 231, Public Finance: Holiday, Nov 12http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117960&date=2018-11-12
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117960&date=2018-11-12Seminar 208, Microeconomic Theory: Holiday (No Meeting), Nov 12http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119023&date=2018-11-12
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119023&date=2018-11-12Seminar 271, Development: No Seminar., Nov 12http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119885&date=2018-11-12
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119885&date=2018-11-12Seminar 217, Risk Management: Putting the 'I' in IPO, Nov 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118744&date=2018-11-13
As an alternative to traditional loans, young people could issue securities that pay dividends that depend on their future financial success in life. This type of a personal IPO is especially desirable for young people, who for example may need money for a college education, because it allows them to shift the risk of repayment to investors who bet on their future success, unlike in a traditional loan setting. In this seminar we will report a framework for estimating an indicative IPO price for individuals and placing the securities with investors. We will also demo an app that is designed to make participating in personal IPOs possible both for experienced and newly starting investors. This work was conducted as part of the Chengdu 80 hackathon and it is joint work with Chris Kennedy and Sören Künzel.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118744&date=2018-11-13Student Faculty Macro Lunch - "A New Keynesian Model with Wealth in the Utility Function", Nov 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120135&date=2018-11-13
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120135&date=2018-11-13Development Lunch: "The effect of information on bargaining, corruption and trade: evidence from traders in Kenya and Uganda" and "Reference Points and Entrepreneurship: Evidence from a Field Experiment on Aspirations and Business", Nov 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120353&date=2018-11-13
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120353&date=2018-11-13Seminar 237/281: Macro/International Seminar - "The Aggregate and Distributional Effects of Urban Transit Infrastructure: Evidence from Bogotá’s TransMilenio", Nov 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118469&date=2018-11-13
TBDhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118469&date=2018-11-13Seminar 218, Psychology and Economics: Job Seekers' Perceptions and Employment Prospects: Heterogeneity, Duration Dependence and Bias, Nov 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118673&date=2018-11-13
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118673&date=2018-11-13Seminar 221, Industrial Organization: ​CANCELLED, Nov 13http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118589&date=2018-11-13
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118589&date=2018-11-13Haas Innovation Seminar, Nov 14http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120756&date=2018-11-14
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120756&date=2018-11-14Oliver E. Williamson Seminar: "Communication Frictions and Knowledge Transfers: Evidence from Myanmar's FDI", Nov 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119070&date=2018-11-15
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119070&date=2018-11-15Seminar 251, Labor Seminar: "On Worker and Firm Heterogeneity in Wages and Employment Mobility: Evidence from Danish Data", Nov 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118120&date=2018-11-15
with Rasmus Lentz and Jean-Marc Robinhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118120&date=2018-11-15Seminar 242, Econometrics: "Inference on Winners", Nov 15http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118752&date=2018-11-15
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118752&date=2018-11-15Labor Lunch: "Punishing Potential Mothers? Evidence for Statistical Employer Discrimination From a Natural Experiment", Nov 16http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118131&date=2018-11-16
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118131&date=2018-11-16PF Lunch Seminar:, Nov 19http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117958&date=2018-11-19
Raphael Lardeux - "Income Tax Misperception: Bunching where Tax Liabilities (may) start" <br />
<br />
Dario Tortarolo - "Means-tested Transfers and Rent Sharing: Identification from a Change in the Remittance System"http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117958&date=2018-11-19Seminar 211, Economic History: Are Bigger Banks Better? Firm-Level Evidence from Germany, Nov 19http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118913&date=2018-11-19
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118913&date=2018-11-19Seminar 208, Microeconomic Theory: CANCELLED, Nov 19http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119020&date=2018-11-19
* Co-Authored with Todd Sarverhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119020&date=2018-11-19Seminar 271, Development: "Scaling Up Agricultural Policy Interventions", Nov 19http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119882&date=2018-11-19
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119882&date=2018-11-19Development Lunch: "Industrial Policy at Work: Direct and Downstream Effects of an Income Tax Break for Workers in IT" and "Gone with the Predation: The Political Costs of Government Expropriation", Nov 20http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121513&date=2018-11-20
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121513&date=2018-11-20Seminar 218, Psychology and Economics: An Empirical Study on Paternalistic Decision Making, Nov 20http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118674&date=2018-11-20
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118674&date=2018-11-20Seminar 237, A Unified Model of International Business Cycles and Trade, Nov 20http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121541&date=2018-11-20
We present a general, competitive open economy business cycles model with capital accumulation, trade in intermediate goods, production externalities in the intermediate and final goods sectors, and iceberg trade costs. Our main theoretical result shows that under appropriate parameter restrictions this model is isomorphic in terms<br />
of aggregate equilibrium predictions to dynamic versions of workhorse quantitative models of international trade: Eaton-Kortum, Krugman, and Melitz. The parameter restrictions apply on the overall scale of externalities, the split of externalities between factors of production, and the identity of sectors with externalities. Our quantitative exercise assesses whether various restricted versions of the general model—in forms they are typically considered in the literature—are able to resolve well-known aggregate empirical puzzles in the international business cycles literature. Our theoretical result on isomorphism between models provides insights on why dynamic versions of international trade models fail to resolve these puzzles in so many instances. We then additionally explore in what directions they need to be amended to provide a better fit with the data. We show that an essential feature is negative capital externalities in intermediate goods production. We thus provide a unified theoretical and quantitative treatment of the international business cycles and trade literatures in a general dynamic framework.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121541&date=2018-11-20CANCELED: Seminar 251, Labor Seminar: No seminar, Nov 22http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118121&date=2018-11-22
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118121&date=2018-11-22CANCELED: Labor Lunch: No seminar, Nov 23http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118132&date=2018-11-23
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118132&date=2018-11-23Political Research Lunch Seminar: "Electoral competition, Campaign messages and Commitment: Evidence from French legislative elections (1958-1993), Nov 26http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121658&date=2018-11-26
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121658&date=2018-11-26CANCELED: Seminar 231, Public Finance: NO SEMINAR, Nov 26http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117953&date=2018-11-26
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117953&date=2018-11-26Seminar 211, Economic History: Fighting Patronage: Performance and Family Ties in the Royal Navy, Nov 26http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120802&date=2018-11-26
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120802&date=2018-11-26Seminar 208, Microeconomic Theory: "Causality: A Decision Theoretic Approach", Nov 26http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119021&date=2018-11-26
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119021&date=2018-11-26Seminar 271, Development: "Testing for Labor Rationing: Revealed Preference Estimates from Hiring Shocks", Nov 26http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119887&date=2018-11-26
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119887&date=2018-11-26Seminar 217, Risk Management: Bankruptcy Claim Dischargeability and Public Externalities: Evidence from a Natural Experiment, Nov 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118746&date=2018-11-27
In 2009, the Seventh Circuit ruled in U.S. v. Apex Oil that certain types of injunctions requiring firms to clean up previously released toxic chemicals were not dischargeable in bankruptcy. This was widely perceived to represent a split with Sixth Circuit precedent, although Supreme Court cert was denied. Numerous legal commentators wrote of the significance of this decision in strengthening incentives for firms, and their creditors, to reduce the likelihood of costly environmental damage that would no longer be dischargeable in the event of bankruptcy. I show using difference in differences and triple difference methodologies that companies whose operations are confined to the Seventh Circuit (and thus likely to file for bankruptcy there) responded by reduc- ing the volume of toxic chemicals they release on-site by approximately 15%. In place of these releases, firms substituted off-site treatment by specialized facilities generally considered to be safer for the environment. I also show evidence of a tightening of credit to impacted firms, helping shed light on the mechanism of influence via pressure from creditors. These results point to important ways in which bankruptcy law and other legal rules that impact recovery for firms’ creditors can work to shape the positive or negative externalities those firms generate.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118746&date=2018-11-27Student Faculty Macro Lunch - "Do Managerial Forecasting Errors Matter?", Nov 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119531&date=2018-11-27
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119531&date=2018-11-27Development Lunch:"Gone with the Predation: The Political Costs of Government Expropriation" and "Taxation Toward Representation: Effects of Tax Collection and Public Goods Provision on Democratic Accountability", Nov 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121514&date=2018-11-27
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121514&date=2018-11-27Seminar 218, Psychology and Economics: Delegating Decision-Making to the Machine: Experimental Evidence from Health Insurance, Nov 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118675&date=2018-11-27
Joint with IO Seminar.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118675&date=2018-11-27Seminar 221, Industrial Organization: ​"Delegating Decision-Making to the Machine: Experimental Evidence from Health Insurance", Nov 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117945&date=2018-11-27
Joint with Psychology and Economics Seminar.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=117945&date=2018-11-27Seminar 281: International Trade and Finance - "Cutting out the middleman: The structure of chains of intermediation", Nov 27http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118470&date=2018-11-27
TBDhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118470&date=2018-11-27Seminar 291, Departmental Seminar- CANCELED -, Nov 28http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118560&date=2018-11-28
Joint with Seminar 231: Public Financehttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118560&date=2018-11-28Oliver E. Williamson Seminar: "Folklore", Nov 29http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119071&date=2018-11-29
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119071&date=2018-11-29Econ 235, Financial Economics Student Seminar: "TBA", Nov 29http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120209&date=2018-11-29
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120209&date=2018-11-29Seminar 251, Labor Seminar: “What Accounts for the Racial Gap in Time Allocation and Intergenerational Transmission of Human Capital?”, Nov 29http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118122&date=2018-11-29
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118122&date=2018-11-29Labor Lunch: "Are Local Minimum Wages Too High, and How Could We Even Know?", Nov 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118609&date=2018-11-30
You are welcome to bring your lunch ~ food will not be providedhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118609&date=2018-11-30Seminar 242, Econometrics: "Optimizing the tie-breaker regression discontinuity design", Nov 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121695&date=2018-11-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121695&date=2018-11-30Seminar 242, Econometrics: "Unbiased shrinkage estimation", Nov 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121696&date=2018-11-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121696&date=2018-11-30Seminar 242, Econometrics: "A simple uniformly valid test for inequalities", Nov 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118159&date=2018-11-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118159&date=2018-11-30Seminar 242, Econometrics: "Auction theory from the bidder standpoint", Nov 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121697&date=2018-11-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121697&date=2018-11-30Seminar 242, Econometrics: "Augmented synthetic control method", Nov 30http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121698&date=2018-11-30
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121698&date=2018-11-30Political Economy Seminar: "Decentralization and the Gamble for Unity", Dec 3http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119093&date=2018-12-03
The Political Economy Seminar focuses on formal and quantitative work in the political economy field, including formal political theory.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119093&date=2018-12-03Seminar 231, Public Finance: "The Use and Misuse of Income Data and the Rarity of Extreme Poverty in the United States", Dec 3http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119458&date=2018-12-03
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119458&date=2018-12-03Student Faculty Macro Lunch - "Competition and The Pass-Through of Unconventional Monetary Policy: Evidence from TLTROs", Dec 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119992&date=2018-12-04
This workshop consists of one-hour informal presentations on topics related to macroeconomics and international finance, broadly defined. The presenters are UC Berkeley PhD students, faculty, and visitors.<br />
** MUST RSVP**http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119992&date=2018-12-04Development Lunch:"Overview of quasi-experimental evaluation of Isoniazid Preventive Therapy among People with HIV in Tanzania" and "Effect of a Behavioral Intervention to reduce Sexual Risk Behaviors and STDs among university students in Ethi, Dec 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121515&date=2018-12-04
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=121515&date=2018-12-04Seminar 218, Psychology and Economics: Rules of Thumb and Attention Elasticities: Evidence from Over- and Under-reaction to Taxes, Dec 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118676&date=2018-12-04
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118676&date=2018-12-04Seminar 281: International Trade and Finance - "Spatial Structural Change", Dec 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118471&date=2018-12-04
TBDhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118471&date=2018-12-04Seminar 221, Industrial Organization: ​"Nonparametric Demand Estimation in Differentiated Products Markets", Dec 4http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118590&date=2018-12-04
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=118590&date=2018-12-04Econ 235, Financial Economics Seminar: "TBA", Dec 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119201&date=2018-12-06
Joint with the Haas Finance Seminarhttp://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119201&date=2018-12-06Oliver E. Williamson Seminar, Dec 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119072&date=2018-12-06
The Oliver E. Williamson Seminar on Institutional Analysis, named after our esteemed colleague who founded the seminar, features current research by faculty, from UCB and elsewhere, and by advanced doctoral students. The research investigates governance, and its links with economic and political forces. Markets, hierarchies, hybrids, and the supporting institutions of law and politics all come under scrutiny in the seminar. Over the years, the seminar has contributed to pushing the frontier of knowledge on governance, and on the norms and institutions that lead to societal success or failure.http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119072&date=2018-12-06Seminar 271, Development joint with Seminar 225 OEW: Topic Forthcoming, Dec 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119891&date=2018-12-06
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=119891&date=2018-12-06Econ 235, Financial Economics Student Seminar: "TBA", Dec 6http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120208&date=2018-12-06
http://events.berkeley.edu/index.php/calendar/sn/econ.html?event_ID=120208&date=2018-12-06